COVID-19 insurance claims soared to 2.93 billion pesos in Q1 2022 │ GMA News Online

Insurance claims related to COVID-19 amounted to 2.93 billion pesos from January to April 2022, the Insurance Commission (IC) said in a report to the Ministry of Finance (DOF) on Friday.

Of these, 61% or 1.79 billion pesos came from life insurance benefits, 32% or 948 million pesos came from the health maintenance organizations (HMO) sector, 5% or 145 million pesos came from non-life insurance payments, while 2% or 49.4 million pesos came from mutual benefit associations (MBAs).

“These claims were for death, hospitalization, outpatient care and other benefits,” IC Commissioner Dennis Funa said in his report to a recent DOF executive committee meeting.

Funa added that total COVID-19 insurance claims from 2020 through the first quarter of 2022 amounted to 19.64 billion pesos.

More than half of the payments, or about 10.84 billion pesos, came from the life insurance sector, 37% or 7.39 billion pesos from HMOs, 5% or 882 million pesos from MBAs, while non-life policies accounted for 3% or 527 million pesos.

The IC further said that the largest COVID-19 insurance claims were made in 2021 with 65% or 12.82 billion pesos of total payouts. It was followed from March to December 2020 with 20% or 3.89 billion pesos and the first quarter of 2022 with 15%.

While the 2020 and 2021 data seemed like staggering amounts, it only represented 10% of total benefit payments in those years, Funa said.

COVID-related claims accounted for just 3% of payouts in 2020 and 7% in 2021, he added.

For 2020, payments for other benefit claims amounted to 120.76 billion pesos, or 97% of total payments. Non-COVID-19 claims in 2021, meanwhile, totaled 93% of payments or 159.68 billion pesos. — News DVM, GMA